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Core Viewpoint - Anta has partnered with South Korean fashion group MUSINSA to establish a joint venture named "MUSINSA China," with Anta holding a 40% stake and MUSINSA 60%, aiming to penetrate the Chinese market with its own brand "MUSINSA STANDARD" and multi-brand stores [1][2][5] Group 1: Joint Venture Details - The joint venture "MUSINSA China" will focus on developing MUSINSA's own brand and multi-brand stores in China, pending regulatory approval expected by September 2025 [2] - Anta's chairman emphasized that this investment aligns with the trend of young consumers and aims to explore the integration of the fashion and sports industries [2][5] Group 2: MUSINSA Overview - MUSINSA is South Korea's largest fashion e-commerce platform, valued at over $1 billion in 2023, and has expanded its business model to include both platform and private label brands [2][3] - The platform features around 8,000 to 10,000 brands and has 16 million members, with a focus on young consumers aged 10 to 30 [3][4] Group 3: Market Strategy - MUSINSA plans to open 100 stores in China by 2030, targeting sales of 5.2 billion RMB, capitalizing on the rapidly growing fashion market [5] - The collaboration allows Anta to tap into the burgeoning streetwear market and engage with Gen-Z consumers who may not resonate with traditional sports brands [5] Group 4: Business Model and Expansion - MUSINSA operates on a "platform + private label" model, with its own brand "Musinsa Standard" known for minimalist design and affordability [3][4] - The company has accelerated its overseas expansion since 2021, entering multiple markets including Japan and Hong Kong [3] Group 5: Consumer Engagement - MUSINSA effectively utilizes community-driven content and social media to enhance user engagement, with features like Lookbook and Musinsa TV [9] - The brand's strategy includes a focus on sustainability and second-hand sales, appealing to the environmentally conscious consumer [9]